E-mini S&P 500 Index

E-mini S&P 500 Index (ES) Futures Technical Analysis – July 30, 2018 Forecast

September E-mini S&P 500 Index futures are trading nearly flat shortly before the cash market opening. Apparently, traders are still pouring over today’s new earnings reports or sitting on the sidelines ahead of central bank announcements from the Bank of Japan early Tuesday, and Wednesday’s Fed monetary policy statement.

E-mini S&P 500 Index
Daily September E-mini S&P 500 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2792.50 will change the main trend to down. A move through 2849.50 will signal a resumption of the uptrend.

The short-term range is 2792.50 to 2849.50. Its retracement zone at 2821.00 to 2814.25 is currently being tested. Crossing to the strong side of this zone will signal the return of buyers. A failure to overcome this zone will indicate the selling is getting stronger.

The main range is 2693.25 to 2849.50. If the main trend changes to down then its retracement zone at 2771.25 to 2753.00 will become the primary downside target.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini S&P 500 Index today is likely to be determined by trader reaction to an uptrending Gann angle at 2812.00.

A sustained move over 2812.00 will indicate the presence of buyers. The rally is likely to be labored with potential resistance laid out at 2814.25, 2821.00 and 2825.50.

Look for a possible spike to the upside if buyers can take out 2825.50. This could trigger a move into the next downtrending Gann angle at 2837.50, followed by 2843.50. This the last potential resistance angle before the 2849.50 main top.

A sustained move under 2812.00 will signal the presence of sellers. This could trigger a break into 2802.00. This is the last potential support angle before the 2792.50 main bottom.

Look for an acceleration to the downside under 2792.50 with the next targets coming in at 2772.25 then 2771.25.

Basically, look for a downside bias under 2812.00 and an upside bias over 2825.50. In between, very choppy.

Published by

James Hyerczyk

James A. Hyerczyk has worked as a fundamental and technical financial market analyst since 1982. His technical work features the pattern, price and time analysis techniques of W.D. Gann.